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Thursday, March 4, 2010

We went to the bank today to open a joint checking account and deposit Jake's birthday gift (money) from Grandma. We able to open an account but unfortunately I wasn't able to put my signature on it as they required two ID and I only have one. Hubby already done with his part and we will come back tomorrow to show another proof or some IDs. Anyway, last month husband and I went into a huge fight that made me tear this valuable paper into two pieces because of anger. I know it was bad but I was so furious. So, hubby taped this bad boy and had it replaced at the bank this morning when we were there. In the Philippines, things like this can easily be taken care of, you just go to the store, buy stuff and poof you got the change of your money. But here in America you got to be careful as not all store accepts torn or mutilated money. What you could do is take it to the bank and they replace it for you just make the serial number will match in both sides of the paper. According from Wikipedia;Mutilated currency is a term used by the United States Bureau of Engraving and Printing (BEP) to describe currency which is very badly damaged, to the point where it is difficult to determine the value of the currency, or where it is not clear that at least half of the note is present. Common causes of damage are fire, water, chemicals, explosives, animals or damage from extended burying of the currency.

Banknotes which are merely very dirty, or very worn out, but where the value is clear, are not considered mutilated and can be traded in at any bank from where they will eventually be processed out of circulation.

In general, mutilated currency of US dollars can be sent to the BEP for evaluation, and if it is determined that at least half of the currency is present, or there is clear enough evidence that whatever parts are missing are destroyed, the owner of the mutilated currency can have the money value of the mutilated currency refunded to them. Annually, this amounts to about 30,000 claims and over 30 million dollars in refunds.

Next time be careful. Don't bring slightly crampled dollar bills here in Philippines because money exchange and banks here now do not also accepts slightly crampled or old or slightly dirty dollar bills. It happened to my sister last summer. The BDO accepted only the nice one.